Friday, 2 September 2016

Live Commodity Market Updates ; Gold Futures Climb Rs 23 on Global Cues

Gold prices were up by Rs 23 to Rs 30,795 per 10 gram in futures trade as speculators raised their bets, tracking a firm trend in global market. In futures trade at the Multi Commodity Exchange, gold for delivery in October rose by Rs 23 or 0.07 percent to Rs 30,795 per 10 gram in a business turnover of 4 lots. 

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Also, the precious metal for delivery in December was trading higher by Rs 14 or 0.05 percent to Rs 30,950 per ten gram in four lots. Analysts said building up of positions by participants following rising gold prices in the global market helped the precious metal to trade higher at futures trade here. Globally, the metal's rates advanced as much as 0.39 percent to USD 1,313.60 an ounce in New York yesterday.

The global economic crisis will continue to drive the demand for gold and silver worldwide. Bullion experts at the India International Gold Convention (IIGC) organized by Foretell Business Solutions Ltd. Gold is expected to remain above $1270 per ounce, while silver will continue to remain above $17 per ounce in London market.

“In India, demand will pick up in the second half of calendar 2016 after a dismal first half. High unofficial imports, high price, imposition of excise duty and subsequent strike by jewellers had impacted the demand of gold in the first half. Demand is expected to come back and price discounts expected to narrow from October.

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